With a credit portfolio close to R$18
billion, the Bank grew 6x the Brazilian market's pace in the
quarter, with high profitability.
SAO
PAULO, May 13, 2024 /PRNewswire/ -- The figures
for the first quarter of 2024 of Agibank, a reference bank for
the low-income segment in Brazil,
display yet another historic result. In just the first three months
of the year, the company reached a net income of R$215.5 million, 268.1% higher when compared to
the same period in 2023 and 48.1% compared to 4Q23.
The operating income was R$ 312.3
million - an increase of 259.0% when compared to the first
quarter of the previous year and equivalent to 51.3% of the result
for the entire year of 2023, when the total was R$ 606.0 million.
"The impressive numbers in these first three months reflect a
solid and very well implemented business strategy, which is
redefining the banking service model for low-income people. This
audience represents more than 100 million people in Brazil, the vast majority of whom need
face-to-face advisory and guidance to transition from the physical
to the digital environment. Therefore, we operate with a hybrid
business model, which combines a full digital experience and a
network of more than 900 smart hubs – stores designed to especially
serve the non-digitally native public – spread across the country",
explains Marciano Testa, founder of Agibank.
The credit portfolio grew by 56.9% in the first quarter,
compared to the first quarter of 2023, reaching R$17.7 billion, 80% of which was secured loans.
This evolution is also followed by the improvement in the default
ratio, which fell 1.3 p.p. and went from 4.9% in 1Q23 to 3.6% in
1Q24, demonstrating the effectiveness of Agibank's strategy,
focusing on granting credit to account holders who receive a salary
or benefit with the bank.
"The main point of our operations is to build a long-term
relationship with our clients, based on a value proposition
designed for their real needs. Achieving principality, via the
deposit of their payroll in Agibank accounts, it allows us to build
more advantageous offers, which, combined with our close and
inclusive approach, guarantee dignity for thousands of Brazilians",
says Glauber Corrêa, CEO of the company.
This performance was also noted by the credit ratings agencies,
as Agibank received recent upgrades affirmed by the three main
global players: Moody's Local (with a two notches upgrade to
'brA+', with a stable outlook), S&P Global and Fitch Ratings.
Among the factors assessed are the quality of the credit portfolio
and strengthening of the business model, as well as increasing
profitability, capitalization and risk profile, diversification of
funding and liquidity. "We are now monitored by all active rating
agencies, which strengthens our commitment to transparency and best
market practices. The consistency in the evolution of the
perception of these agencies helps us continue to scale the
business and access more alternatives to offer increasingly
competitive products and services", reinforces the CEO.
About Agibank
We are a bank with a unique business model in Brazil. Our focus is to serve a large part of
the low-income population, who are not digital natives and who
traditional and digital banks are unable to serve. We are
revolutionizing the banking system with a hybrid business model,
which combines a fully digital bank and a network of approximately
1,000 smart hubs spread throughout Brazil. With specialized financial products,
we offer humanized and personalized service and guarantee a great
competitive advantage in the market, which allows us to win more
and more customers, with strong and lasting relationships.
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SOURCE Agibank